Has anyone heard whether or not we are allowed to update basis on stock that was demutualized. One that comes to mind was the old Blue Cross/Athem that did this and gave everybody that paid preminums received stock. Old status was NO. Basis equalled ZERO. Any body know??
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Stock case
Do you suppose we could use that court case as reasonable grounds for a zero gain? It was a qualified tax-free reoriginazation when it took place several years ago. No dividends have ever been paid on this one.Comment
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I believe the Fisher Case
is a reasonable grounds. I have used it. It has come up with Prudential and Sun Life here. Those that filed protective claims to keep years open filed amended returns and I beleieve the IRS has had to respond by now and I have not heard anything.Comment
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Fischer Case still on appeal
There has been no finalization of the Fisher case. Irs lost and the appeal has dragged out.Comment
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having read the case
I would think that the old saying ignore it and it will go away, but in my limited opinion that if the IRS draggs this on could there be later repercussions in additional suits, even going past the statute of limitations for possible refunds?Comment
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I think
a client that did not take the basis would have as good as case against the preparer if you ignor the Fisher case.Comment
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I amended a 2007 return or a sale of Met Life stock received in their demutualization last tax season. It was not challenged.Comment
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Demutualiztion
Dave: What did you amend the the Metropolitan stock to? I have three different ones and ha ve been waiting to cash them in. I dont want to report them all at a basis of 0.Comment
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19.13 per share no reinvestments.Comment
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